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Is 2024 A Turnaround Year For Ford’s Stock? EV Boom Continues with F-150 Lightning Sales Spark

Analyst Team trader
Updated 4 Jul 2024

Ford stock (NYSE: F) has managed to gain 5.84% YTD, yet still remains red to the tune of 16% over the past 12 months. As sentiment shifts bullish in the short-term, the question remains as to whether Ford stock price has now bottomed, and begun to make an about turn?

Operationally, Ford has sustained its momentum in the electric vehicle (EV) market with another strong quarter of sales, thanks especially to the robust performance of its F-150 Lightning electric trucks. The automotive giant’s commitment to electrification seems to be resonating well with customers as it continues to expand its electric lineup.

The latest sales figures indicate a marked upsurge from the same period last year, hinting at a rapid ascent in consumer interest and adoption of electric vehicles. Ford's investment into electrifying its popular models, such as the F-150, has played a significant role in this growth, with the F-150 Lightning truck leading the pack.

2024 ford lightning truck red colour on dirt road

Ford’s EV sales trajectory is significant as it mirrors the broader trend of increasing EV adoption in the United States, implicating a shift in consumer preferences towards more sustainable and environmentally friendly vehicles. The swell in sales further underscores the role of familiar and popular models, like the F-150 truck, in easing consumers into the transition from internal combustion engines to electric powertrains.

The F-150 Lightning, in particular, has amassed considerable attention due to its balancing of traditional truck utility with the benefits of electric technology. Boasting impressive performance and capability metrics that are crucial to truck enthusiasts, the Lightning version does not compromise on the features important to its target demographic.


In addition to contributing positively to Ford's bottom line, the sales spike in EVs is also reflective of the broader industry movement towards greener technology amidst heightened environmental concerns and regulatory pressures. Automakers are increasingly being pushed to diversify their offerings, reduce emissions, and meet consumer demand for high-performing, zero-emission vehicles.

While the EV market is still in its nascent stages, especially when compared to the entire automotive sector, the momentum observed in companies like Ford indicates a growing confidence and investment in the sector. Continued advancements in EV technology, including battery life, charging infrastructure, and vehicle range, are expected to further stimulate sales and acceptance of electric vehicles among the wider public.

Ford's ongoing success in the EV market not only speaks to the company's strategic initiatives but also reinforces the broader transition taking place in the automotive industry. With each passing quarter, it becomes increasingly clear that electric vehicles are no longer a niche innovation but a mainstream choice for consumers seeking a blend of performance, sustainability, and innovation.

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The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.